I was curious how #Sofi managed to offer 8X times the #fdic protection of other banks, so I went digging through the fine print and the details are kind of funny.

Whenever you go past the insurance limit, Sofi, acting on your behalf, opens another account at a partner bank and then both that bank account and your Sofi one are insured up to the limit. And they'll keep repeating this process up to 7 external accounts in order to offer the 8x protection.

#banking
#technicallylegal